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(RTTNews) - Penske Automotive Group (PAG) has signed an agreement to acquire Lexus of Orlando and Lexus of Winter Park, both located in the Orlando metropolitan area of Central Florida. The acquisition is expected to add $450 million in annualized revenue. The company expects to fund the purchase price using cash flow from operations and availability under U.S. credit agreement.

North American Operations Officer, Rich Shearing said, "The acquired dealerships will expand the company's scale in one of the fastest growing states in the country while leveraging the Company's existing infrastructure in Central Florida."

In pre-market trading on NYSE, Penske Automotive shares are down 0.5 percent to $158.50.

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